1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai real - estate policy relaxation on February 25, 2026, has effectively activated demand, with the second - hand housing transaction volume increasing and the transaction area exceeding that of the previous three rounds of policy stimuli. However, the market remains cold overall during the "Golden March and Silver April" period, and there may be a callback after the sales peak due to "peak season overdraft" [1][2][3][6]. 3. Summary by Related Catalogs 3.1 Shanghai New Policy Effect Observation - **Longitudinal Comparison of Shanghai's Historical Data**: From February 26 to March 19, 2026, the second - hand housing transaction data showed a 5% decline compared to the same period in 2025 but a 42% significant increase compared to 2024. The weekly transaction area has been increasing, with a 14% week - on - week growth in the latest week and 33% in the previous week. Compared with the same lunar period last year, Shanghai's sales from the 25th day of the first lunar month to the first day of the second lunar month increased by 10%, while Beijing and Shenzhen had a 1% decline and 2% increase respectively [1]. - **Comparison of Four Rounds of Policy Stimuli since 2024**: After the February 2026 policy, the third - week average daily transaction area reached 83,000 square meters, higher than the 74,000 - 79,000 square meters in the third week of the two 2024 policies, about 5% - 12% better. After excluding the Spring Festival impact, the average daily transaction area in the third week increased by 50% compared to the week before the policy, basically the same as in May 2024 (49%) and lower than in September 2024 (55%). Compared with two weeks before the policy, the average daily transaction area increased by 29%, lower than the two 2024 rounds (133% and 48%) [2]. - **Comparison with Beijing and Shenzhen without Policy**: Comparing February 26 - March 19, 2026, with February 7 - 28, 2025 (both 22 days after the Spring Festival), Shanghai's transaction volume increased by 20% year - on - year, while Beijing and Shenzhen had 4% and - 4% year - on - year changes respectively [2]. - **Sustained Heat Concerns**: After the policy in 2024, the weekly transaction volume reached its peak after 4 and 10 weeks of fluctuating growth respectively, and then declined. This time, after the policy was introduced during the "Golden March and Silver April" sales peak, there may be a callback due to "peak season overdraft" [3]. 3.2 Housing Price Observation - From March 9 - 13, the second - hand housing listing prices in first - tier cities were divided. Shanghai's prices increased by 0.1% week - on - week, while Beijing and Shenzhen decreased by 0.2% and 0.1% respectively. Second - and third - tier cities also saw a 0.1% decline. Compared with the end of 2025, after rising and then falling, the second - hand housing listing prices in all cities decreased by 1% - 3%, with first - tier cities down 1.8%, second - tier cities down 2.9%, and third - tier cities down 1.5% [4]. 3.3 Monthly Trend - Although it is the "Golden March and Silver April" period, the overall market remains cold. From March 1 - 19, the second - hand housing transaction area decreased by 12% year - on - year, with a larger decline than in January - February. New housing continued the downward trend from January - February, with a 12% decline from March 1 - 19 [6]. - In terms of structure, from March 1 - 19, most cities' second - hand housing transaction areas decreased year - on - year, with relatively high declines in Shenzhen, Hangzhou, Suzhou, and Dalian. In the new housing market, Shanghai, Wuhan, and Xiamen's transaction areas increased year - on - year, while Shenzhen and some second - and third - tier cities had large declines [6].